Afro YoUcan Business Plan Competition
We support entrepreneurs and encourage their creative abilities to come up with a great business plan that is innovative and implementable. Winners can be awarded funds of $500-$2000 to enable them to carry out their plan. It is our hope that winners ‘pay it forward’ in the near future by making an effort to give back to an immigrant population either locally or back in their respective countries. These scholarship programs would involve delegates who are working or currently in school, any field of study, as long as they have a business plan that is innovative and implemetable. These delegates would submit their concept papers, attend competition related workshops provided by GK Folks Foundation, and submit their financial business pitch. The competition cumulates in the final presentation and award ceremony, where a cash amount would be awarded to the Winner to be able to start up their business. The Foundation will also connect winners with potential investors to support the long term success of their business plan.
PRIZE: Cash prizes and an opportunity to share your idea with and be connected with investors, entrepreneurs, and educational thought leaders
- Must be within the ages of 18 through 40
- An Individual or group can participate
- Must be a black Immigrant
- Any individual is eligible to enter the competition by submitting an Entry (defined below), except the following individuals are not eligible:
- There are no fees to apply or to compete.
- Once an application is submitted, no changes can be made.
- One member of your startup, the designated leader, should complete the simple online application. The application consists of answering a short survey, attaching an A business plan (maximum five pages), and an optional Video Elevator Pitch (full 2 minutes).
- Startups should fall into one of four categories or sectors:
- Energy/Clean Technology (including but not limited to): Sustainability, Water, Battery Technologies, Control Systems, Smart Metering, PV Technology, Natural Gas, Transportation/Mobility, Oil & Gas Technologies, Algae, Fuel Cells, Hybrid Vehicles
- Tech (including but not limited to): Mobile Apps/Software, Digital Media, Consumer Web, B2B Applications, Enterprise Software, SAAS, Web, Virtual Reality, Big Data, Machine Learning, Artificial Intelligence, Drones, Hardware, Robotics, Drones, Internet, IoT
- Life Sciences (including but not limited to): Medical Devices, Diagnostics, Digital Health, Health IT, Biotech, Therapeutics
- Other Innovations (including but not limited to): Advanced Materials, Composites, Nanotechnology, Consumer, Other Technology
JUDGING Round 1: Video Pitch and Business Concept Round Judging Criteria
- The judges will use the following evaluation criteria when reviewing the Business Concept and Strategy Round:
- Was a detailed explanation of the business idea and value proposition provided?
- Was the justification of market potential included?
- Would the business idea be implemented as presented within the next year?
- Was the proposition to investors presented?
- Does the information provide entice the audience to want to know more about the business?
JUDGING Round 2: Final Presentation Round Judging Criteria
During the final presentation round, each team gives a refined seven-minute PowerPoint presentation followed by eight minutes of questions from the judges. The judges score the teams in the following categories:
- The value created by the new product/services.
- The attractiveness of the market opportunity.
- The competitive advantage of the proposed venture.
- Operational and technical viability.
- The capability of the management team.
- Capital requirements and financial forecast.
- Exit strategy.
- Strength of the oratory and PowerPoint presentation.
Applications open Jan 1, 2021 through April 15th , at 11:59 PM MST.
- June 2021 Finalist announced
- July 2021 Invited teams confirm commitment to compete via written confirmation on application, and last day to last day to withdraw without penalty
- Aug 2021 : Judges Interview/ Award ceremony